{"id":5078,"date":"2015-03-18T09:58:10","date_gmt":"2015-03-18T14:58:10","guid":{"rendered":"http:\/\/pierreroy.com\/?page_id=5078"},"modified":"2025-06-10T11:49:32","modified_gmt":"2025-06-10T16:49:32","slug":"commercial-bankruptcy","status":"publish","type":"page","link":"https:\/\/pierreroy.com\/en\/commercial-bankruptcy\/","title":{"rendered":"Commercial Bankruptcy"},"content":{"rendered":"<section class=\"page-section\">\n<div class=\"container container_12\">\n<div class=\"grid_7\">\n<h2>How Does Commercial Bankruptcy Work?<\/h2>\n<p>First, a company must meet with a Licensed Insolvency Trustee (LIT) to oversee the legal process under the Bankruptcy and Insolvency Act (BIA). The trustee oversees the orderly liquidation of the company&#8217;s assets for the creditors\u2019 benefit.<\/p>\n<p>Once the liquidation of the company is complete, it will become inactive and its charter will be cancelled by the R\u00e9gistre des entreprises du Qu\u00e9bec. If a company wishes to continue conducting business, it should consider a proposal as a solution.<\/p>\n<h2>How Does Commercial Bankruptcy Protect a Company?<\/h2>\n<p>The filing of a commercial bankruptcy has several immediate effects:<\/p>\n<ul>\n<li>The bankruptcy ends legal actions taken by creditors.<\/li>\n<li>The bankruptcy prevents further filing of proceedings against the company.<\/li>\n<li>Bankruptcy can cease seizures brought on goods by some creditors.<\/li>\n<\/ul>\n<h2>What is the Role of the Trustee in a Commercial Bankruptcy?<\/h2>\n<p>The primary role of the Trustee is to analyze the situation of the company and to offer realistic solutions for the given circumstances. Commercial bankruptcy should be a last resort. Before proceeding with this option, the trustee will consider all other possibilities for the company. If either a financial reorganization or proposal is possible, the trustee will suggest these options.<\/p>\n<h2>What are the Requirements for a Commercial Bankruptcy?<\/h2>\n<p>In theory, any insolvent company having more than $1,000 of debts is eligible to declare bankruptcy. However, in practice, it is rare that bankruptcy is the solution recommended by the trustee when the debts are minimal.<\/p>\n<\/div>\n<div class=\"grid_5\">\n<div class=\"box light-blue-box\">\n<h4>Where to Start?<\/h4>\n<p>If the financial situation of your business worries you, do not hesitate to contact us so we can help you as soon as possible.<\/p>\n<p><a class=\"button red\" title=\"Contact Us\" href=\"https:\/\/pierreroy.com\/en\/contact-us\/\">Contact Us &rarr;<\/a> <\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"page-section light-grey\" id=\"commercial-bankruptcy-articles\">\n<div class=\"container\">\n<div class=\"grid_12\">\n<h3 class=\"text-center\">Related Articles From Our Blog<\/h3>\n<ul class=\"wpbp-recent-posts \"><li class=\"wpbp-recent-post \"><article id=\"post-7612\" class=\"post-7612 post type-post status-publish format-standard has-post-thumbnail hentry category-business-proposal category-commercial-bankruptcy category-frequently-asked-questions tag-wage-earner-protection-program tag-wepp tag-weppa\">\n        <div class=\"post-thumbnail wpbp-recent-post-thumbnail\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2024\/03\/weppa-wage-earner-protection-program-who-is-entitled-to-what\/\">\n                            <img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"180\" src=\"https:\/\/pierreroy.com\/assets\/lpps-programme-de-protection-des-salaries-qui-a-droit-a-quoi-600x180.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" \/>                    <\/a>\n    <\/div>\n    <div class=\"post-title entry-title\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2024\/03\/weppa-wage-earner-protection-program-who-is-entitled-to-what\/\">Wage Earner Protection Program: Who Is Entitled to What?<\/a>\n    <\/div>\n    <\/article>\n<\/li><li class=\"wpbp-recent-post \"><article id=\"post-7603\" class=\"post-7603 post type-post status-publish format-standard has-post-thumbnail hentry category-budget-tips category-business-proposal category-commercial-bankruptcy category-news tag-business tag-business-proposal tag-commercial-bankruptcy\">\n        <div class=\"post-thumbnail wpbp-recent-post-thumbnail\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2024\/01\/canadian-business-landscape-a-snapshot-of-q4-2023\/\">\n                            <img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"180\" src=\"https:\/\/pierreroy.com\/assets\/Le-paysage-commercial-canadien-apercu-du-quatrieme-trimestre-2023-600x180.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"businesses\" \/>                    <\/a>\n    <\/div>\n    <div class=\"post-title entry-title\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2024\/01\/canadian-business-landscape-a-snapshot-of-q4-2023\/\">Canadian Business Landscape: A Snapshot of Q4 2023<\/a>\n    <\/div>\n    <\/article>\n<\/li><li class=\"wpbp-recent-post \"><article id=\"post-7584\" class=\"post-7584 post type-post status-publish format-standard has-post-thumbnail hentry category-business-proposal category-commercial-bankruptcy category-news tag-business-proposal tag-commercial-bankruptcy\">\n        <div class=\"post-thumbnail wpbp-recent-post-thumbnail\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2023\/12\/countdown-to-repayment-a-roadmap-for-canadian-businesses-and-the-ceba\/\">\n                            <img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"180\" src=\"https:\/\/pierreroy.com\/assets\/remboursement-cuec-options-600x180.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" \/>                    <\/a>\n    <\/div>\n    <div class=\"post-title entry-title\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2023\/12\/countdown-to-repayment-a-roadmap-for-canadian-businesses-and-the-ceba\/\">CEBA Repayment: What Are My Options?<\/a>\n    <\/div>\n    <\/article>\n<\/li><\/ul>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>How Does Commercial Bankruptcy Work? First, a company must meet with a Licensed Insolvency Trustee (LIT) to oversee the legal process under the Bankruptcy and Insolvency Act (BIA). The trustee oversees the orderly liquidation of the company&#8217;s assets for the creditors\u2019 benefit. Once the liquidation of the company is complete, it will become inactive and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7450,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-full.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-5078","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commercial Bankruptcy: Is Your Business Having Financial Problems? - Pierre Roy &amp; Associ\u00e9s<\/title>\n<meta name=\"description\" content=\"When a company is unable to meet its financial obligations, commercial bankruptcy is a legal process that allows the company to free itself from debt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pierreroy.com\/en\/commercial-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commercial Bankruptcy: Is Your Business Having Financial Problems? 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